SDBANKER - 2021-An Odyssey Away from LIBOR - OFFICIAL PUBLICATION OF THE SOUTH DAKOTA BANKERS ASSOCIATION | JANUARY 2021 - South Dakota Bankers ...
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SDBANKER
OFFICIAL PUBLICATION OF THE SOUTH DAKOTA BANKERS ASSOCIATION | JANUARY 2021
2021—An Odyssey
Away from LIBOR
BEYOND THE FUNDAMENTALS
National School
for Experienced Ag Bankers
Photos by South Dakota Tourism
JUNE 21-24, 2021
BLACK HILLS STATE UNIVERSITY...”Where Anything Is Possible”
SPEARFISH, SOUTH DAKOTA
SDBANKER
OFFICIAL PUBLICATION OF THE SOUTH DAKOTA BANKERS ASSOCIATION
JANUARY 2021 | sdba.com
PO Box 1081 | 109 West Missouri Avenue
Pierre, SD 57501
605.224.1653 | 800.726.7322
www.sdba.com
SDBA OFFICERS
CHAIR
Steve Bumann, BankWest, Inc., Pierre
CHAIR-ELECT
Kristina Schaefer, First Bank & Trust, Sioux Falls 9 10
VICE CHAIR
David Bangasser, Dacotah Bank, Sioux Falls
IMMEDIATE PAST CHAIR
Shawn Rost, First Interstate Bank, Rapid City
SDBA BOARD OF DIRECTORS
Jesse Block, First Fidelity Bank, Platte
Dylan Clarkson, Pioneer Bank & Trust, Belle Fourche
Craig Davis, First National Bank, Pierre
Jeff Davis, Bryant State Bank, Bryant
Mike Klumpp, Citibank, Sioux Falls
Pete Mehlhaff, Great Plains Bank, Aberdeen 12 14
David D. Nelson, First Fidelity Bank, Burke
Brad Seaman, BankNorth, Aberdeen features
SDBA STAFF 8 SDBA News
Karlton Adam, SDBA President l SD Banks Make a Difference Survey
kadam@sdba.com l 2021 SD Bank Directory Available
Mike Feimer, President of Insurance and Services
mfeimer@sdba.com 9 Emerging Leaders
Halley Lee, Administrative Vice President A Different Perspective from Banking’s Emerging Leaders
hlee@sdba.com
Alisa Bousa, Communications Coordinator 10 State Legislature
abousa@sdba.com SDBA Prepares for 2021 South Dakota Legislature
Nadine Kepford, IS/Business Manager
nkepford@sdba.com 11 Industry News
Jeanine Dyce, Administrative Assistant FHLB Des Moines Awards $1.5 Million
jdyce@sdba.com
Dean Franzen, Commercial Lines Specialist
12 Compliance
dfranzen@sdba.com
2021—An Odyssey Away from LIBOR
Michelle Guthmiller, Insurance Specialist
mguthmiller@sdba.com
14 Lending
Untapped Opportunity
Robin Feimer, Insurance Specialist
rfeimer@sdba.com in every issue
EDITORIAL: Published monthly by the South Dakota 4 Message from the Chair
Bankers Association, SDBANKER Magazine is dedicated to A Cautious Outlook for the New Year
enhancing the state’s banking profession by providing useful
and timely information on important events and trends in the
banking industry. Statements of fact and opinion are made on 5 From the Executive Office
the responsibility of the authors alone and do not represent In Time of Need, Bankers Rise to the Occasion
the opinion or endorsement of the SDBA. The magazine
welcomes news from SDBA members. Articles may be
reprinted with permission. Email abousa@sdba.com.
6 SDBIS Update
Ransomeware: An Increasing Threat
ADVERTISING: Advertisements within this publication do
not necessarily represent endorsement of those products and
services by the SDBA. The editor reserves the right to refuse
16 Ask the Appraiser
any advertisement or editorial copy deemed to be unsuitable. Appraisal Development—Scope of Work Issues
For advertising details, see SDBA media kit at www.sdba.com.
SUBSCRIPTIONS: Member banks, branches and associate
18 Bank Notes
members receive one complimentary subscription. Additional
subscriptions are $45 per year for members or $90 for non- 20 Classifieds
members. Call 605.224.1653 or email abousa@sdba.com.
22 Education Calendar
sdba.com | JANUARY 2021 | SDBANKER 3
message from the chair.....
BY STEVE BUMANN | CFO | BankWest, Inc., Pierre
A Cautious Outlook
for the New Year
I
was sitting here trying to figure out what to write But when times are good, margins and spreads
about for the monthly column, and frankly I was are wide and opportunities abound, there is a lot more
coming up with nothing. But then an email bailed me room for error. We can take a few chances and if we
out. make a mistake in one area, we can usually make it up
I received an email offering me the opportunity to in another area. Right now margins and spreads are
purchase a five-year investment yielding a whopping thin, and rates are very low. There is not a lot of loan
40 basis points. Normally, I would just laugh at an email demand, and growth in the economy is quite slow. In
like that and quickly hit the delete key. However, I am my opinion, now is not the time to reach for yield or to
seriously considering this investment. lower our underwriting standards to make risky loans.
We are sitting on a lot of cash right now, and that 2021 is just beginning. With the new year comes
cash is yielding only a few basis points above zero. hope for a better economy, hope for more opportunity
In spite of buying a number of investment securities, for our customers and our local economies, but I do
our cash balances continue to grow. We are receiving not know if we will see big economic gains this year.
forgiveness payments from SBA on our PPP loans, I do not know if rates will begin to increase. It is very
payments on many of our loans and our deposits possible that the economy will continue to struggle and
continue to grow. The cash just keeps piling up. rates will stay low.
It is very hard to find decent yielding investments, The promise of a vaccine for those that want it will
so believe it or not, I am considering 40 basis points on help, but frankly there are a lot of unknowns. Perhaps
a five-year investment as a “decent” yield. I don’t think now is not the time to swing for the fences but rather
I am telling you anything that you do not already know. to string together some singles and try to manufacture
Every banker that I have talked to in the last couple of some success.
months is telling the same story. I wish all of you the best as we charge into the
I really wish I had some good ideas that would make waters of 2021. Let’s continue to do all we can to
my bank a lot of money. I wish I had some good advice support our customers and our local communities!
for you that would make all of you a lot of money. The
best advice that I can give you right now is to avoid Steve Bumann is CFO at BankWest, Inc. in Pierre.
making mistakes. It is never a good idea to intentionally Bumann can be reached at 605.945.3749 or Steve.
go out and make mistakes. Bumann@bankwest-sd.bank.
Holiday Signs
The SDBA offers holiday signs that banks can print and display to notify customers
when the bank will be closed for the standard holidays.
The signs are set up to be printed on 8.5” x 11” paper and are provided as a high-
resolution pdf file. Banks can print the signs and use them how they see fit.
The signs are available at www.sdba.com/holiday-signs. If you need the signs in a
different format or have any questions, contact Alisa Bousa at abousa@sdba.com or
605.224.1653.
4 SDBANKER | JANUARY 2021 | sdba.com
from the executive office.....
BY KARLTON ADAM | President | South Dakota Bankers Association
In Time of Need,
Bankers Rise to the
Occasion
A
s we embark on 2021, the new year is poised to
be better than 2020 in many ways. Operation While South Dakota bankers
Warp Speed, the public-private partnership
established to facilitate and expedite the manufacturing aren’t ones to boast about
and distribution of a COVID-19 vaccine has been at the their successes or look for
top of everyone’s mind. Pharmaceutical companies
Pfizer and Moderna have achieved critical milestones
accolades, the incredible work
and are in the process of distributing the vaccine across and dedication demonstrated
the country with very promising and safe results. by bankers throughout South
Additionally, it is important to recognize the
banking industry that has worked tirelessly to assist Dakota is commendable and
individuals and businesses throughout the pandemic. deserves recognition.
The devastating impact on businesses and employers
has been widely documented. From main street
businesses to major corporations, the lasting effects of
the pandemic have been indescribable. Dakota bankers made 23,493 PPP loans to South
Although not perfect, the Paycheck Protection Dakota businesses. Of these booked loans, 21,541 of
Program (PPP) was established by Congress as part the loans were for amounts less than $150,000, and
of the Coronavirus Aid, Relief and Economic Security 1,952 loans were for more than $150,000, totaling more
(CARES) Act that passed in March 2020 with the goal of than $1.683 billion.
aiding small business through the pandemic. While South Dakota bankers aren’t ones to
The initial allocation by the CARES Act for this boast about their successes or look for accolades,
program was $349 billion and was spoken for in just the incredible work and dedication demonstrated by
13 days by tens of thousands of businesses across the bankers throughout South Dakota is commendable and
United States. An additional $310 billion was allocated deserves recognition.
in late April by the passing of the Paycheck Protection On behalf of the South Dakota Bankers Association,
Program and Enhancement Act to assist thousands a very sincere thank you and congratulations for the
more small businesses across the land. These loans extraordinary effort put forth to assist your business
were needed to assist our hometown businesses with customers. Once again, during a great time of need,
payroll costs, rent, interest expense and utilities—all in bankers rise to the occasion. You should all be proud...
all to keep our businesses open, our friends and family I am!
employed, and the economy moving.
From the initial roll out date of April 3, 2020, to
the final deadline for the program on Aug. 8, 2020, Karlton Adam is president of the South Dakota
South Dakota bankers rolled up their sleeves and went Bankers Association in Pierre. Adam can be reached at
to work for their customers and communities. South 605.224.1653 or kadam@sdba.com.
sdba.com | JANUARY 2021 | SDBANKER 5
south dakota bankers insurance & services update.....
BY DEAN FRANZEN | Commercial Lines Specialist | South Dakota Bankers Insurance & Services, Inc.
Ransomware:
An Increasing Threat
R
ansomware is the fastest changing and evolving This has allowed ransomware attacks that may have
threat for financial institutions and has been previously taken days or weeks to now be completed in
accelerating during the COVID-19 pandemic. only hours.
Ransomware has become the preferred method of We all know this treat is out there and it can be
attack by cybercriminals. So, what is ransomware? devastating, so what can you do to prevent this from
According to the Cybersecurity & Infrastructure happening? The following lists from CISA may be
Security Agency (CISA) of Homeland Security, helpful.
“Ransomware is a form of malware designed to encrypt
files on a device, rendering any files and the systems Actions for Today
that rely on them unusable. Malicious actors then • Back up your data, system images and
demand ransom in exchange for decryption.” configurations and keep the backups offline.
In a paper published by Crowdstrike, a
• Update and patch systems.
cybersecurity technology company, data indicates
that many criminal groups that once targeted bank • Make sure your security solutions are up to date.
customers with malware to steal banking credentials • Review and exercise your incident response plan.
have moved towards ransomware, which has become
their dominant revenue generator. Hackers are not just • Pay attention to ransomware events and apply
locking up servers and demanding ransom, they are lessons learned.
also taking data from those servers, such as customer • Never click on links or open attachments in
data, and posting it on the dark web. unsolicited emails.
This data theft trend means that when banks are
• Follow safe practices when using devices that
hit with ransomware, in addition to figuring out how
connect to the internet.
to unencrypt their data and regain control of their
systems, they need to know that their customers’ data
may be posted on the internet. If so, they will be legally Best Practices Against Ransomware
required to notify customers of the fact that their data • Restrict users’ permissions to install and run
has been breached. software applications and apply the principle
Ransomware criminals have been increasingly of “least privilege” to all systems and services.
innovative with technology and methods over the past Restricting these privileges may prevent malware
several years. Ransomware groups will not only engage from running or limit its capability to spread through
in data theft through malware but may then attempt a a network.
second extortion plan after the ransomware payment • Use application allow listing to allow only approved
is made to stop the stolen data from being released to programs to run on a network.
other criminals on the dark web or to the public. This • Enable strong spam filters to prevent phishing emails
change in strategy has resulted in increasing ransom from reaching the end users, and authenticate
amounts. Data released from Coveware, a company inbound email to prevent email spoofing.
that assists ransomware victims with negotiations with
their attackers, indicates the average ransom payout • Scan all incoming and outgoing emails to detect
climbed from $84,116 in the Q4 of 2019 to $233,817 in threats and filter executable files from reaching end
Q3 of 2020. users.
Security firms and the government have realized • Configure firewalls to block access to known
that criminal groups are now collaborating more closely malicious IP addresses.
and beginning to act more as cybercrime cartels than
the more traditional independent criminal groups. Continued on next page
6 SDBANKER | JANUARY 2021 | sdba.com
Actions to Recover if Impacted these sanctions risks and provides information for
• Ask for help! Contact CISA, the FBI or the Secret contacting relevant U.S. government agencies,
Service. including OFAC, if there is a reason to believe the
cyber actor demanding ransomware payment may be
• Work with an experienced advisor to help recover
sanctioned or otherwise have a sanctions nexus. Visit
from a cyberattack.
https://bit.ly/34kufd4.
• Isolate the infected systems and phase your return Your bank risks sanctions if you assist in a
to operations. ransomware payment to individuals or entities on
• Review the connections of any business OFAC’s Specially Designated Nationals and Blocked
relationships (customers, partners, vendors) that Persons List (SDN List), other blocked persons,
touch your network. and those covered by comprehensive country or
region embargoes (e.g., Cuba, the Crimea region
• Apply business impact assessment findings to of Ukraine, Iran, North Korea and Syria). OFAC may
prioritize recovery. impose civil penalties for sanctions violations based
on strict liability, meaning that a person subject to
Additional Resources U.S. jurisdiction may be held civilly liable even if it did
CISA and MS-ISAC Ransomware Guide: not know or have reason to know it was engaging in
On Sept. 30, 2020, CISA and the Multi-State a transaction with a person that is prohibited under
Information Sharing and Analysis Center (MS-ISAC) sanctions laws and regulations administered by OFAC.
released a joint Ransomware Guide, which is a Good news is you can obtain a license to pay
customer centered, one-stop resource with best the ransomware demands. According to OFAC,
practices and ways to prevent, protect and/or respond license applications involving ransomware payments
to a ransomware attack. CISA and MS-ISAC are demanded because of malicious cyber-enabled
distributing this guide to inform and enhance network activities will be reviewed by OFAC on a case-by-case
defense and reduce exposure to a ransomware attack. basis with a presumption of denial.
Part one of the guide is ransomware prevention best
practices, and part two is a ransomware response Review Insurance Coverage
checklist. Visit www.cisa.gov/publication/ransomware- Ramsomware and cybercrime is an ever-evolving
guide. threat to all of us. So review your insurance coverage
on the bank’s bond, directors and officers, and
FinCEN Advisory on Ramsomware and the Use of the cyber insurance. Most cyber insurance carriers offer
Financial System to Facilitate Ransom Payments: on-boarding services and interactive resources to
Another resource worth reading is the Financial help you create, organize and enhance your incident
Crimes Enforcement Network (FinCEN) “Advisory on response plan.
Ramsomware and the Use of the Financial System to Many banks have Beazley cyber insurance, and
Facilitate Ransom Payments”(FIN-2020-A006) issued Beazley provides a wealth of free information on this
on Oct. 1, 2020. This advisory provides information on topic and many other topics at beazleybreachsolutions.
the role of the financial intermediaries in the processing com. If you have questions about services provided,
of ransomware payments, trends and typologies of both pre- and post-event, you can contact Beazley
ramsomware and associated payments, ransomware- directly with your specific question from this site.
related financial red flag indicators, and reporting and If you have any additional coverage questions, all of
sharing information related to ransomware attacks. us here at the SDBIS are also available to assist.
Visit https://bit.ly/3876wOI.
Treasury Advisory on Potential Sanctions Risks for Dean Franzen, RHU, HIA, MHP, DIA, DHP, LTCP, HCSA,
Facilitating Ransomware Payments: EBHC, is commercial lines specialist with the South Da-
Another important advisory titled “Advisory on kota Bankers Insurance & Services, Inc. Franzen can be
Potential Sanctions Risks for Facilitating Ransomware reached at 605.220.4219 or dfranzen@sdba.com.
Payments” was issued by the U.S. Department of the
Treasury on Oct. 1, 2020. This advisory highlights
the sanction risks associated with ransomware
payments related to malicious cyber-enabled activities.
Companies that facilitate ransomware payments to
cyber actors on behalf of victims, including financial
institutions, cyber insurance firms and companies
involved in digital forensics and incident response, not
only encourage future ransomware payment demands
but also may risk violating Office of Foreign Assets
Control (OFAC) regulations. This advisory describes
sdba.com | JANUARY 2021 | SDBANKER 7
sdba news....
SD Banks Make a Difference Survey
T
he SDBA is calling on member banks to
participate in its annual South Dakota Banks Make
a Difference Survey.
Each January, the SDBA emails all member banks
the online annual survey. The results provide a glimpse
into how banks work every day to help South Dakotans
grow and prosper.
The Association requests that banks supply basic
data for calendar year 2020, or for the most recent
12-month period for which the bank has data available.
The SDBA will present the findings during its State
Legislative Day on Feb. 10, 2021.
The SDBA is also requesting short narratives and
photos of banks’ community service projects. If your
bank has a community service project from this past
year that you would like to be included, please submit
a short narrative describing the project. If you have a
photo of the project, email it to abousa@sdba.com.
The names of all banks that participate in the
survey will be listed in the survey piece. Banks do not
need to answer all of the questions in order to be listed.
All individual information will be kept confidential as to
the amounts disclosed in any of the categories. Last
year, responses were compiled from 35 of 72 SDBA
member banks. The results of last year’s survey can be
viewed at www.sdba.com/sd-banks-make-a-difference.
The deadline to participate in the survey is Jan. 29,
2021. If you have any questions on the project, contact
Alisa Bousa at abousa@sdba.com or 605.224.1653.
2021 SD Bank Directory Available
T
he SDBA’s 2021 South All SDBA member banks and branches receive
Dakota Bank Directory one complimentary directory. Associate members
is now available. will receive a complimentary directory when they pay
The South Dakota Bank their 2021 membership dues.
Directory provides detailed Additional copies are available for purchase. The
information on all South member cost is $30 plus tax for a single copy, or $25
Dakota banks, including each plus tax for multiple copies. The non-member
addresses, telephone cost is $45 plus tax for a single copy, or $40 each
numbers, important contact plus tax for multiple copies. Orders can be placed
names and additional online at www.sdba.com/bank-directory or contact
pertinent information. The the SDBA’s Alisa Bousa at abousa@sdba.com or
directory also contains 605.224.1653.
information on the SDBA, Any inaccuracies in the 2021 directory should
banking associations, be brought to the attention of the SDBA, and
regulatory agencies, corrections will be made in the next edition. Banks
endorsed vendors, associate will also receive a survey in the fall requesting current
members and South Dakota officials. information.
8 SDBANKER | JANUARY 2021 | sdba.com
emerging leaders.....
A Different Perspective from
Banking’s Emerging Leaders
By Halley Lee, Administrative Vice President, SDBA
A
s I sat here writing this article, looking back at
what was probably one of the most memorable
years in my lifetime, I found myself in a bit of a
reflective mood. 2020 was filled with challenges, trials
and tribulations, missed opportunities and anxiety. Shall
I go on?
But on my better days, I find that 2020 has also
offered us a chance to look at things through a
different lens and appreciate things differently. From a
professional perspective, I have never encountered so
much change and uncertainty in my many years in the
workforce. This new lens helps me see that there are
many things for which to be grateful.
When we started the SDBA’s emerging leaders
initiative in 2017, I hadn’t fully accepted the concept of
generational differences. Maybe this was really me not
accepting that I was aging and was now the “old lady” conjunction with the SDBA State Legislative Day,
in the group. Maybe it was my black-and-white nature, Annual Convention and NEXT STEP: Emerging Leaders
my left-brained, type A, control freak personality feeling Summit held in the fall.
out of sorts. The goal of this effort is to deepen the connection
Whatever it was, it took me by surprise. These between emerging leaders and the SDBA, to deepen
emerging leaders were different from me. They thought connections with the banking industry as a whole and
differently. They planned differently. They participated to foster connections between industry professionals.
differently. Their generation was different from mine. There is no list of requirements that must be met to
As I came to know the members of the SDBA’s participate in this programming. Each organization is
Emerging Leaders Work Group better and started free to encourage participation by any and all personnel
establishing relationships with other emerging industry who may benefit from this initiative.
leaders, I began to understand that different is a good 2020 WAS filled with challenges, trials and
thing. These next-gen leaders had creative ideas. They tribulations, missed opportunities and anxiety. But I’m
pushed boundaries. They opened minds. They craved choosing to see that it was also filled with new friends,
and embraced change. They encouraged one another. new directions, new ideas and new skills. Thank you
They supported one another. They’ve grown with one again to all that have been a part of the emerging
another. This is good. It’s all good. leaders efforts. And thank you again to all that have
I have come to respect and enjoy these new supported and allowed that participation.
colleagues and friends, and I am deeply grateful to Here’s to a “different” 2021! It’s all good!
their leadership for allowing them to participate in the
SDBA’s emerging leaders efforts. It is only through your
collective support of this programming that we can Halley Lee is administrative vice
work together to build and sustain the banking industry president of the SDBA in Pierre and
in South Dakota. oversees the SDBA Emerging Leaders
For those of you less familiar with our efforts, I Work Group. Lee can be reached at
encourage you to visit www.sdba.com/emerging- 605.224.1653 or hlee@sdba.com.
leaders. This page outlines the mission and objectives
of the initiative. I also encourage you to continue to
support your next generation of leaders in participating
in this initiative. We currently offer programming in
sdba.com | JANUARY 2021 | SDBANKER 9
state legislature.....
SDBA Prepares for 2021 SDBA to Hold Virtual State
South Dakota Legislature Legislative Day
T M
he 2021 South Dakota Legislature opens on ark your calendars for the SDBA’s State
Tuesday, Jan. 12, in Pierre and is a 37-day Legislative Day on Feb. 10, 2021. This year’s
session. The main run of the session ends on event will be held virtually via Zoom.
March 11, with March 29 reserved for consideration of The day will begin with the SDBA Board of Directors
gubernatorial vetoes. meeting, followed by the Legislative Committee
The SDBA Board of Directors and Legislative meeting. The afternoon will feature a line up of
Committee met on Dec. 3, 2020, virtually via Zoom to speakers including a keynote from Joan Woodward,
discuss potential legislation that could be introduced president of Travelers Institute and executive vice
during the 2021 Legislative Session. Topics included: president of public policy at Travelers.
• COVID-19 Related Liability Legislation Woodward will share her insights
• Appraiser Experience Training Program on the economic outlook and
• Medical and Recreational Marijuana Washington policy issues in 2021.
• Trust Cleanup Bills and Trust Certificates Prior to working for Travelers and
Visit www.sdlegislature.gov for the full legislative Goldman Sachs, Woodward worked
schedule, listing of bills and legislator listings. on Capitol Hill for 12 years as deputy
Bankers can stay current on legislative issues of chief of staff for the U.S. Senate
importance by reading or listening to a podcast of the Finance Committee. She also was the
SDBA’s weekly Legislative Update and reading the chief economist for the Senate Governmental Affairs
Legislative Bill Watch. Publications are posted at www. and U.S. House Budget committees.
sdba.com/lobbying on Fridays during session. You The day will conclude with a “call to action” where
can also request to receive email notifications when participants will be asked to connect virtually with their
the publications are posted online by contacting Alisa respective state legislators. Be watching the SDBA
Bousa at abousa@sdba.com or 605.224.1653. eNews and www.sdba.com for more details.
SDBA Legislative Committee
• Chair Jody Bender, U.S. Bank, Rapid City
• Vice Chair Dillon Kjerstad, First National Bank in Philip, Philip
• Corey Heaton, Wells Fargo Bank, Sioux Falls
• Josh Hogue, Reliabank Dakota, Watertown
• Josh Horak, First Interstate Bank, Sturgis
• Michael Hudson, First National Bank, Pierre
• Jeremy Keizer, Reliabank Dakota, Sioux Falls
• Tanner Kost, Dakota Prairie Bank, Fort Pierre
• Joe Miller, The First National Bank in Sioux Falls, Sioux Falls
• Larry Ness, First Dakota National Bank, Yankton
• Tony Nour, First PREMIER Bank, Sioux Falls
• Mike Owens, Sunrise Bank Dakota, Onida
• Lynn Peterson, CorTrust Bank, Yankton
• Diana Pfister, Dacotah Bank, Aberdeen
• Dave Rozenboom, First PREMIER Bank, Sioux Falls
• Dina Ryan, Citigroup Management Corp, Washington, D.C.
• Grant Seaman, BankNorth, Warner
• Matt Smith, Dacotah Bank, Sioux Falls
• Jeanni Stahl, MetaBank, Sioux Falls
• Jason Stone, Great Western Bank, Chamberlain
• Kevin Tetzlaff, First Bank & Trust, Brookings
• Rod Wolforth, First Bank & Trust, Garretson
10 SDBANKER | JANUARY 2021 | sdba.comindustry news.....
FHLB Des Moines Awards $1.5
Million in Affordable Housing
Grants to Benefit South Dakotans
T
he Federal positive momentum for decades to
Home Loan come.”
Bank of Des FHLB Des Moines member
Moines (FHLB financial institutions play a
Des Moines) critical role in meeting the
announced the affordable housing needs of their
South Dakota communities. Since the program’s Together,
recipients of its
2020 Competitive
inception in 1990, FHLB Des
Moines members in South Dakota let ’s
Affordable Housing Program have partnered with housing make
awards.
Through a collaborative effort
organizations to invest more than
$44 million in Affordable Housing
it happen.
between financial institutions
and local housing organizations,
Program awards to more than 7,150
families and individuals in finding Callie
approximately $1.5 million will be
awarded to two affordable housing
projects, impacting more than 60
safe and affordable housing.
Every year, FHLB Des Moines
returns 10% of its net income to
SchliemanCall me at 701.433.7430
families and individuals. Dacotah benefit communities in its district.
Bank partnered with GROW South For a complete listing of 2020
Dakota in Sisseton and the Sisseton Competitive Affordable Housing
Based in Fargo, N.D., specializing in bank
Wahpeton Housing Authority to Program award recipients, visit stock and Regulation O lending
win Competitive Housing Program www.fhlbdm.com/webres/File/
awards in 2020. products-services/CID_2020_AHP_
From construction of new Recipients.pdf.
Why choose Bell
affordable housing to the FHLB of Des Moines is deeply as your bank’s
rehabilitation of existing homes committed to strengthening lending partner?
and rental properties, the funds communities, serving 13 states
will benefit low-income families, and three U.S. Pacific territories We’re providing loans to
seniors, persons with disabilities, as a member-owned cooperative. banks across the country for
homeless and at-risk youth. The bank works together with its capitalization, acquisitions,
“Our members understand nearly 1,350 member institutions refinancing and restructuring.
the importance of addressing the to support affordable housing, We’ll tailor terms and conditions
to your bank and its owners.
dire need for affordable housing in economic development and
their South Dakota communities, community improvement. Bank stock & ownership loans
particularly during this especially FHLB Des Moines is one of 11 Bank building financing
challenging COVID-19 environment, regional banks that make up the Business & personal loans for bankers
and applaud the efforts of those Federal Home Loan Bank System. Commercial & ag participation loans
involved,” said Kris Williams, Members include community and
president and CEO of FHLB Des commercial banks, credit unions, We do not reparticipate any loans.
Moines. “Thanks to the continued insurance companies, thrifts and
support of our member institutions, community development financial
the Affordable Housing Program institutions. FHLB Des Moines is
has financed the development of wholly owned by its members and
thousands of accessible housing receives no taxpayer funding. For
units for three decades. This is a additional information about the
significant milestone, and we are bank, visit www.fhlbdm.com.
looking forward to continuing this
24874
Member FDIC
sdba.com | JANUARY 2021 | SDBANKER 11compliance.....
2021—An Odyssey Away
from LIBOR
By Tim Dominguez, Associate General Counsel, Compliance Alliance
T
he 1980s were a much different time than today, to banks trading in new interest markets. However,
to say the least. Many of us remember, or are too over three decades later after determining that
young to remember, an age where the typical LIBOR was vulnerable to interest rate manipulation,
computer only had 64 kilobytes of memory or where it was announced that the benchmark rate would
cell phones weighed as much as 20 pounds with no one be discontinued beginning Dec. 31, 2021. This
anticipating we would ever call them smart any time discontinuation meant that many businesses, banks
soon. The 1980s were also a period of change for global included, would have to take the arduous transition
economics and banks. away from using LIBOR in the future as well as address
In 1986, the London Interbank Offering Rate existing products that already use it.
(LIBOR) was officially introduced and published as Under normal circumstances, 2020 was supposed
an interest rate benchmark for widespread usage to be a significant year in the transition away from
by both financial and non-financial firms in response LIBOR. However, the financial impact of the COVID-
12 SDBANKER | JANUARY 2021 | sdba.com19 pandemic may have caused a shift in priorities for by now understand industry and regulatory best
many banks. While regulators have provided temporary practices with the transition away from LIBOR
reprieve in several areas of banking for this year, it still including necessary steps taken with the assistance of
stands today that LIBOR will no longer be here after legal counsel. By mid-2021, banks should have already
2021. To underscore the crucial need to address this determined which legacy contracts can be amended
issue by that deadline, the Financial Security Board before the end of the year and consummate those
(FSB) published a 2020 progress report on the year of changes where parties can agree. New contracts should
transition away from LIBOR. As the transition remains contain robust alternative reference rates wherever
a global priority, the FSB also included a road map of possible by this time.
milestones that banks should follow as a guidance in By the end of 2021, banks should be fully prepared
navigating this process in a timely manner. for LIBOR’s discontinuation. At this point, all new
The FSB report addresses how the COVID-19 business should involve alternative rates or at the very
pandemic has been a “defining feature of the past year least be capable of switching in a short amount of
with widespread implications.” Understandably so, the time. In cases where it was impossible to amend legacy
pandemic has impacted many firms in their transition contracts linked to LIBOR, the implications of the
away from LIBOR, but according to a survey of FSB benchmark rate no longer being published should have
members, it has not created pressing substantive already been discussed with necessary steps being
roadblocks to the transition. In fact, the report states taken to prepare for this kind of outcome. The goal by
that the direct correlation between LIBOR and banks’ Dec. 31, 2021, is for all market participants, financial
overall borrowing costs weakened during the pandemic and non-financial firms alike to operate without relying
with volatility leading banks to scarcely rely on LIBOR on LIBOR. To meet this, the importance of a market-
markets for funding. Those that did use LIBOR rates led transition will remain significant all throughout this
faced challenges because of the pandemic. While year.
central bank rates were decreasing throughout the At the outset of LIBOR, it would be difficult to say
world, LIBOR rates were increasing which were passed many could have predicted that more than 30 years
on to borrowers in a time when financial systems were later the rate would be discontinued and the transition
supposed to play a role in providing much needed would be impacted by a global pandemic. Just as 2020
liquidity. was a significant year for the transition away from
Despite pandemic induced market disruptions, the LIBOR, 2021 is equally, if not even more, critical. If
FSB states that progress has been made throughout banks have not taken the necessary steps to address
the past year in the transition. Many national working their potential LIBOR exposure for new and existing
groups have produced their own timely road maps products, they must immediately put plans in place.
as guides that have been widely adopted while also The 1980s were indeed a different time compared
considering the economic impact of COVID-19. Over to today. Just like computers with negligible storage
the past year, the FSB continued to work with the space and phones as heavy as a sledgehammer, LIBOR
International Swaps and Derivatives Association (ISDA) is about to be an element left behind in the past. As
to address the transition away from LIBOR in derivative we have adapted to changes in technology, banks
contracts. In October 2020, ISDA released amendments must also adapt to this change by properly preparing
to its definitions and protocols with these contracts themselves and their customers.
and included new fallback language that can be used by
firms.
This past year, more have adopted the Secured Tim Dominguez joined Compliance
Overnight Financing Rate (SOFR) as the preferred Alliance after graduating from the
alternative in U.S. dollar markets. Significant progress University of Houston Law Center.
has indeed been made, and while regulators have During law school, he worked as an
launched a number of initiatives, what remains is for intern within the legal department
both financial and non-financial firms to globally lead of Frost Bank in San Antonio, Texas.
the effort to a timely market transition by no longer Dominguez also holds a bachelor of
issuing products linked to LIBOR and by modifying their science in communication studies
legacy contracts linked to LIBOR wherever possible. from The University of Texas at Austin. Before law
At this moment in time, the FSB Global Transition school, he worked various jobs within the Texas state
Roadmap states that firms should already at a minimum government, including the Texas Senate and the Texas
have identified all existing LIBOR exposures including Legislative Council. As one of Compliance Alliance’s
what will happen after 2021 and if those contracts hotline advisors, Dominguez provides guidance to
have any fallback measures in place. Further, those C/A members on a wide variety of regulatory and
who provide customers with products that reference compliance issues, in addition to writing articles for
LIBOR must have a plan in place to communicate to some of its publications. For more information about
them of the transition and the steps being taken by Compliance Alliance, an SDBA endorsed vendor and
the bank to move to alternative rates. Banks should associate member, visit www.compliancealliance.com.
sdba.com | JANUARY 2021 | SDBANKER 13lending.....
UNTAPPED OPPORTUNITY
One Way to Drive Income & Diversify Your Portfolio
By Keith Gruebele, EVP, Institutional Relationships, Bankers Healthcare Group
A
fter navigating many challenges in the last Creating Partnerships Within the Industry
six months, banks are in a unique position to Low lending margins, paired with a surplus of
capitalize on strategic opportunities that will cash, have driven many banks to seek out new income
benefit them now—and in the long run. opportunities or try to diversify their portfolio to drive
Over the past nine months, the COVID-19 their bottom line. Treasury yields on federal bonds
pandemic has caused a number of challenges for banks are at an all-time low of 0.08% on a one-month note,
across the country. At the onset of the economic compared to 1.53% in January 2020. Combined with a
shutdown, community banks became a lifeline for small lack of variety in loan requests coming in, banks could
businesses, providing more than half of all PPP loans in be at a disadvantage rounding out 2020.
the second round of funding. One way to overcome this—and achieve your
Banks also experienced an increase in the revenue goals for the year—is to form strategic
number of current loan holders inquiring about loan relationships with credible partners in the industry. Not
modifications or deferment periods to keep more cash only does this provide you access to quality loans with
on hand, with many agreeing to assist those in need. high yields, but it also allows you to quickly strengthen
Just as quickly, interest rates dropped, causing the net your loan portfolio to meet your bank’s criteria. It also
interest margin to be the lowest ever recorded by the allows you to streamline the underwriting process,
FDIC. without having to hire or reallocate resources within
Anticipating a second wave of economic impact due your bank.
to the pandemic, the Federal Reserve is expecting to While partnering with alternative lenders has its
keep interest rates near zero, and consumers are saving advantages, it’s important to note that each one will
more than ever before—leading to a record $2.4 billion impact your business differently. To choose the right
in deposits over the last six months. partner for your bank, here are the top qualities to vet.
14 SDBANKER | JANUARY 2021 | sdba.com1. Track Record of Success
You want a financial partner who can endure
changes in the market and can originate quality loans New SDBA Associate
Member
for your portfolio at any time. Put your mind at ease by
working with a lender who has a record of successfully
navigating economic downturns and is agile enough to
adjust its business model to meet your needs year after
year without fail.
Bankers Healthcare Group
Contact: Keith Gruebele, EVP, Institutional
Relationships
2. Focus on Quantitative Analytics
Address: 10234 W State Road 84, Davie, FL 33324
Utilizing data to make lending decisions is
Phone: 954.263.6399
common practice today, but not every lender has built
Email: kgruebele@bhg-inc.com
proprietary quantitative analysis models to uncover
Website: www.bhgloanhub.com
variables that predict risk. A partner who dives deep
into the analytics can make better predictions when
Since 2001, BHG has been lending to medical and
originating loans, resulting in a stronger return on the
professional loans across the country, making us
portfolio you purchase.
the #1 source for these loans. Nationally, almost
1,200 banks have partnered with BHG to purchase
3. Origination Expertise
these loans and have incurred $0 loss on the BHG
Being well-known in the industry doesn’t
Core Loan portfolio. BHG supports community
necessarily mean you’ll attract the highest quality
banks across the country and has a reputation for
borrower—unless you serve a niche industry and invest
excellent service and superior performance.
in marketing. Partners who execute innovative, highly
targeted campaigns across every channel, and are
extremely selective in who they lend to, offer a unique
advantage in the marketplace. This ultimately creates a
better loan offering for your bank.
4. Streamlined Process
Few things are as time-consuming as evaluating
credit files. Choose a financial partner who offers
consistent loan packages so you can analyze files
quickly and make informed purchasing decisions with
ease.
5. Innovative Technology; Concierge Service
SDBA associate members are board-approved
Banks are synonymous with customer service.
organizations that provide significant and
The right partner brings innovative technology to your
ongoing services to the banking industry. The
institution, but equally understands the importance of
SDBA encourages member banks to utilize
having live financing specialists available to help your
the products and services offered by these
borrowers.
companies. To see the full list of SDBA associate
members including contact information, visit
Community banks were deeply impacted by the
www.sdba.com/associate-members.
pandemic and will likely continue to be for months or
even years to come. Those who seek out partners to
Becoming an associate member of the SDBA
help offset the challenges in the market, and find new
increases a company’s visibility and credibility
growth opportunities, will see greater success as we
with the state’s banking industry executives
close out the year and start planning for a prosperous
and decision makers. Associate members enjoy
2021.
priority promotional, advertising, exhibiting and
sponsorship opportunities at SDBA events and
Keith Gruebele is executive vice in SDBA publications. Associate members also
president of institutional relationships stay informed of activities and changes in South
at Bankers Healthcare Group (BHG), an Dakota’s financial services industry.
SDBA associate member. Since 2001,
BHG has been lending to medical and For more information, contact Alisa Bousa at
professional loans across the country, abousa@sdba.com, 605.224.1653 or visit www.
making the company the number sdba.com/associate-members.
one source for these loans. For more
information visit www.bhgloanhub.com.
sdba.com | JANUARY 2021 | SDBANKER 15ask the appraiser.....
BY SHERRY BREN | Executive Director | South Dakota Appraiser Certification Program
Appraisal Development—
Scope of Work Issues
Personal Inspection Timing and archives is changing. Some articles that have
traditionally been appraised as personal property are
Question: Both the DEFINITION of Personal not tangible objects. While they could be described
Inspection and the SCOPE OF WORK RULE refer to as “intangible assets,” another term was used in the
identifying relevant characteristics. If I personally USPAP definition to help distinguish them from the
inspect a property to collect data about those relevant traditional “franchises, trademarks, patents, copyrights,
characteristics, am I “locked in” to only collect goodwill, equities, securities and contracts” that are
information about those relevant characteristics I the domain of business appraisers. The simplest way to
previously identified, or may I identify additional explain the new developments is with examples.
relevant characteristics based on what I’ve learned from The first example is conceptual art. Consider a
my personal inspection? “paint installation” by Sol LeWitt. This artist created
“wall drawings” that consist only of instructions and
Response: First, it is important to remember that diagrams that authorize others to paint the work of
USPAP does not require a personal inspection at all. art. The catalogue of London’s Tate museum, which
Furthermore, if you do perform a personal inspection, owns a Sol LeWitt paint installation, explains that “…
USPAP does not dictate when in the process it must Wall Drawing #1136 can be installed, removed and
occur. An appraiser typically identifies the assignment then reinstalled in another location, as many times as
elements (including the subject of the assignment required for exhibition purposes. As such, there can
and its relevant characteristics) at the beginning of also be periods of time in which the work does not
an assignment in order to develop an initial scope exist in physical form.” (bold added for emphasis)
of work and to establish the business terms of the A second example is library and museum archives.
engagement. However, an appraiser’s scope of Today, many of these holdings were created and are
work can and often does evolve during the appraisal archived in digital form. In some cases the images,
process based upon information gathered as a result of writing, music, etc. were created digitally and may
research and analysis. Thus, an appraiser may identify never have existed in tangible objects.
relevant property characteristics at various stages of an The COMPETENCY RULE in USPAP applies to
assignment, which could occur prior or subsequent to appraisals of all types of property. Depending upon the
a personal inspection, if one is performed. For further relevant characteristics of a subject property, some
information see Advisory Opinion 36, Identification and conceptual art can be appraised by a personal property
Disclosure of Client, Intended Use and Intended Users, appraiser with a specialization in fine art. In other cases,
which offers guidance about altering the scope of particularly if the rights to a subject property have
work if the appraiser becomes aware of a change in an significant income-producing potential, a business
assignment element. appraiser with expertise in intangible assets may be
better qualified. It is also possible for appraisers from
Intangible Personal Property both disciplines to collaborate on an assignment. For
Question: Why was the DEFINITION of “Personal the types of examples described above, USPAP does
Property” expanded to include intangible articles? Are not prescribe which STANDARDS are applicable.
these different from “intangible assets,” and how can
a personal property appraiser know whether to follow If you have an appraisal related question that you
STANDARDS 7 and 8 or STANDARDS 9 and 10 when would like to have answered in the “Ask the Appraiser”
valuing intangible personal property? column, submit it to Sherry Bren, executive director
of the Appraiser Certification Program, 308 S. Pierre
Response: The reason for the updated DEFINITION St., Pierre, SD 57501, fax 605.773.5405 or by email to
of Personal Property is that the world of fine art Sherry.Bren@state.sd.us.
16 SDBANKER | JANUARY 2021 | sdba.comSouth Dakota Appraisers Permitted
to Perform Evaluations
S
outh Dakota is now one of 11 states that have In summary, the rules add Chapter 20:14:14 for
enacted state law permitting appraisers to evaluation exemptions and standards rules that include:
perform evaluations as allowed by the Interagency
• Definition of evaluation, consistent with the
Appraisal and Evaluation Guidelines (IAEG). South
statute and IAEG
Dakota’s law also allows real estate brokers to perform
evaluations. • Definition of guidelines utilized by federally-
The SDBA, in collaboration with the South Dakota regulated financial institutions for appraisals and
Department of Labor and Regulation (DLR) Appraiser evaluations
Certification Program, introduced HB 1127 and HB 1126
(a broker companion bill) during the 2020 South Dakota • Adopts compliance with IAEG which prescribe
Legislature. Both bills passed unanimously and became when an appraisal or an evaluation is required
effective July 1, 2020. and the related requirements for performance
Prior to enactment of the legislation, no one was • Evaluation content
legally permitted to perform evaluations in South
Dakota. Now, appraisers and brokers my perform • Competency and ethical requirements
evaluations for federally-regulated financial institutions. • Record-keeping requirement
The legislation defined “evaluation” and the
“federal financial institutions regulatory agency(ies).” The Appraiser Certification Program Administrative
The legislation also granted DLR rule-making authority Rules regarding appraisers (ARSD 20:14) may be found
regarding evaluations. at https://dlr.sd.gov/appraisers/laws_rules.aspx.
On Nov. 10, 2020, the South Dakota Legislative Questions, contact Sherry Bren, executive director
Interim Rules Review Committee adopted DLR’s of the Appraiser Certification Program, at 605.773.4608
proposed rules, which became effective Dec. 14, 2020. or sherry.bren@state.sd.us.
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sdba.com | JANUARY 2021 | SDBANKER 17bank notes.....
Foster to Serve as BankWest AVP BankWest Opens Madison Branch
Mortgage Originator BankWest
opened a new
Denise Foster will serve as branch at 1046
assistant vice president mortgage Makenda Avenue
originator for BankWest in Pierre. in Madison. Tom
For the past 17 years, she has Kahler serves
served as AVP mortgage originator as business
manufactured housing for BankWest, development
processing originated loans to meet officer for the new
requirements for closing. Tom Kahler
branch.
“We are excited to have Denise transition into this “After months of planning, we’re excited to officially
role,” said BankWest Regional President Terry Fitzke. open our doors,” Kahler said. “With the wide array of
“With her knowledge of the mortgage process, Denise financial resources available through BankWest, I’m
will provide our Pierre area customers with expertise confident we can help our customers achieve their
and assistance regarding a wide range of mortgage financial goals. I am thrilled to help bring a family-
services.” owned, community-oriented bank to the Madison
Foster graduated from Mobridge High School. She area.”
and her husband, Jesse, have three children. In her free BankWest is a full-service, independent
time, she is active on the Oahe FC (Soccer) Board and community bank with 17 branches in 14 South Dakota
the South Dakota Manufactured Housing Association. communities.
“My philosophy for customer service comes from
my mom with her simple saying of ‘treat others as you
would want them to treat you,’” Foster said. Dacotah Bank Presented
Hometown Hero Award
BankWest Named in Top 100 for Dacotah Bank, Aberdeen, was presented with
Employee Training Excellence a Hometown Hero Award from the South Dakota
Community Foundation (SDCF). The Foundation’s
BankWest was announced as a winner in Training Hometown Heroes have a passion for helping
magazine’s Training Top 100, which ranks companies’ communities grow and thrive and have played a vital
excellence in employer-sponsored training and role in strengthening the SDCF and the entire state of
development programs. The rankings for the 100 South Dakota by inspiring others to help improve the
organizations will be unveiled during an interactive lives of others.
Virtual Gala on Feb. 8. Since 1987, the SDCF has worked with generous
Training magazine is a professional development people wanting to give their neighbors a better place to
magazine that advocates training and workforce call home.
development as a business tool.
“We salute these best-in-class organizations for
their steadfast dedication to continuous employee
learning and development; their agility and innovation
in transforming their training delivery in response to
the pandemic; and their passionate commitment to
the current and future success of their people,” said
Training magazine Editor-in-Chief Lorri Freifeld.
“At BankWest, we recognize
the importance of taking time to
properly onboard employees, provide
a learning pathway for our staff
and provide ongoing education,”
said Becky Burke, vice president of
strategic initiatives for BankWest.
“Our belief is that if we take the time
Becky Burke to onboard our employees the right L-R: Dacotah Bank EVP/CFO Chad Bergan, Dacotah
way, they will feel like a part of the organization. When Bank CEO Joe Senger, South Dakota Community
employees feel valued, employee engagement and Foundation President/CEO Stephanie Judson and
retention grows.” Dacotah Bank President Robert Fouberg.
18 SDBANKER | JANUARY 2021 | sdba.comGailen Meyerink Retires from First management officer and has since led the 43-person
wealth management division to achieve impressive
Dakota National Bank growth, administering more than $5.3 billion in assets.
Gailen Meyerink, First Dakota In addition to providing strategic oversight, Cox
National Bank’s Chamberlain branch shares his knowledge and passion for finance as the
president, has retired after an host of Common Cents on the Prairie, First National’s
outstanding 43 years in the banking financial education podcast, to provide timely, relevant
sector. Meyerink has served as the financial advice. Outside of his work, Cox serves on
president and market manager in the boards for Volunteers of America Dakotas and the
Chamberlain since 2002 and as the University of South Dakota’s Farber Fund.
bank’s chief lending officer since 2010.
“Gailen has provided outstanding leadership ONE AMERICAN BANK Donates
overseeing strong market growth, the development
of countless new credit administration advancements, to Wings of Valor Lodge
and the growth of our business loan portfolio from ONE AMERICAN BANK, Centerville, contributed
$313 million to over $1 billion,” said Rob Stephenson, $25,000 to Wings of Valor Lodge. Situated on 160
president and chief operating officer, First Dakota. acres of carefully groomed hunting grounds in Parker,
Larry Ness, CEO, added “Gailen has also made this unique getaway offers more than just hunting to
invaluable contributions to the leadership of the bank veterans of the U.S. military branches. Wings of Valor
as a member of executive management over the past operates on the mission of supporting those who have
decade.” served by providing a gathering place to motivate and
Meyerink joined the team when the former empower disabled veterans in the outdoors.
Marquette Bank locations in Chamberlain and Kimball “These veterans have borne the terrible cost of
were acquired by First Dakota National Bank. He started our liberty. We owe them a debt no amount of money
his career in banking in 1977 soon after graduating can repay because they fought not for money but for
from South Dakota State University with a bachelor’s country and their brothers in arms,” George Lund,
degree in animal science. He was hired as an ag banker chairman of the board of ONE AMERICAN BANK, said
trainee by then National Bank of South Dakota in Platte after touring the lodge. “By supporting Wings of Valor,
and rose through being an officer, AVP and VP of ag we can give these warriors a special place where, for
and business banking. A few years after graduating a brief moment, their hurts can fade and new, better
from the ABA’s Ag Bank Management School in memories be made—a place where they can set aside
1986, Meyerink became president of then Tri-County the daily cares and adversity and rekindle their hopes
State Bank, Chamberlain and Kimball, which became for a better tomorrow.”
Marquette Bank before it was acquired by First Dakota
in 2002.
After retirement, Meyerink will continue to assist in
a limited part-time role as business banking consultant,
providing on-call consulting for First Dakota.
Adam Cox Named to 40 Under 40
in Wealth Management
Adam Cox with The First National
Bank in Sioux Falls was named a
recipient of the ABA’s inaugural 40
Under 40 in Wealth Management
Award. This new program recognizes
wealth management and fiduciary L-R: ONE AMERICAN BANK’s David W. King, CEO, and
professionals who are committed to George Lund, chairman of the board; Bruce Weller, CEO,
the highest standards of achievement Wings of Valor; and Scott Redd, LTC U.S. Army (retired)
at work and in their communities. and Wings of Valor board member.
Born and raised in South Dakota, Cox ventured
through the Midwest to earn an extensive education,
including his undergraduate degree from the University
of South Dakota, JD from the University of St. Thomas SDBA MEMBERS
School of Law and MBA from the University of Notre Have information from your bank or business about
Dame. As the capstone to a career dedicated to the promotions, accomplishments or branch news?
trust and investment fields, he joined First National Submit your Bank Notes stories and photos to Alisa
Wealth Management in 2016 as the chief wealth Bousa at abousa@sdba.com.
sdba.com | JANUARY 2021 | SDBANKER 19You can also read
